Accessability Links
Job Search

Co-operative bank demands bailout

30 Aug 13 - 5:00PM  | Risk Management
Co-operative bank demands bailoutThe Co-operative bank says that if it wants to escape the £1.5 billion shortfall it is facing then its bondholders must accept its bailout plan.

As part of its Capital Action Plan, the bank will provide £1 billion of the money it owes while it expects its bondholders to provide the extra £500 million.

Chief executive officer of Co-operative group Euan Sutherland explained that there is "no Plan B" for getting the bank out of debt.

He explained: "We are standing firmly behind the bank. Having looked at all the options, the plan we have come up with is the one which is in the best interests of the greatest number of stakeholders."

Earlier this year, the Prudential Regulation Authority (PRA), the watchdog for financial firms, set a minimum amount of capital that banks need to hold if they wish to trade. This was in line with proposals in the EU to reduce the risk of banks needing government bailouts if their investments fell through.

All the latest risk jobs can be found at Barclay Simpson, leaders in risk recruitmentADNFCR-1684-ID-801631840-ADNFCR
Digg It! facebook google google-reader windows-live live-journal lycos propeller StumbleUpon Technorati yahoo Add This
Related headlines
Co-operative Bank loses money and custom after dire year
Co-operative Bank loses money and custom after dire year
22-08-2014 The Co-operative Bank has released its results for the first half of 2014, showing it has lost £75.8 million before tax ...
Warning over independent Scotland EU membership
Warning over independent Scotland EU membership
21-08-2014 Businesses in Scotland that rely heavily on trade in the EU may face an uncertain time if the referendum on independence...
New uncertainty over interest rates
New uncertainty over interest rates
20-08-2014 The importance of risk management in companies may have gained fresh emphasis with the emergence of greater uncertainty ...


Search More News
Open the calendar popup.
Open the calendar popup.

 
Andrew WhyteInterim Internal Audit & Risk
London
Daniel ClosePresident
New York
Daniel FlynnManager, Internal & IT Audit
London
David HornsbyDirector, Banking & FS Internal Audit
London
David JarroldRegional Internal Audit, Risk & Control
London
Liam HughesInternal Audit, Risk & Information Security
Edinburgh
Nutan JoshiInsurance Internal Audit
London
Russell BunkerAudit, Info Security & Technology Risk
Hong Kong
Steven DriverInternal Audit, Risk & Control
London
Tim SandwellDirector, Europe & Middle East
London
William WilcoxSenior Associate
New York